Technology, specifically software – how robust it is, how innovative it is and how quickly you get it to market – will make or break your business. Gone are the days of building business infrastructure and systems on the cheapest outsourcing contract available or the ability to amortise tech assets over 5 years and then building a workforce to provide professional services based offering, such as banking or insurance, to clients.
Businesses that dominate their markets in the modern VUCA world are the ones that can embrace change and embrace operating as a ‘software first’ business, enabling them to innovate beyond the levels of their peers.
Over 50% of the fortune 500 companies from the year 2000 no longer feature in that list, because they were not able to change in line with market conditions.
Business leaders must think innovatively to create a point of differentiation between their business and the competition. Funders and customers alike will no longer tolerate vanilla businesses being built on ‘off the shelf’ technology from huge conglomerates, with their only differentiation being their corporate branding.
In the not too distant past, many businesses looked the same under the bonnet and their differentiation was their corporate messaging, their ability to execute and be customer-centric. Historically, the focus of IT was to deliver predictability, low risk and low reward; modern businesses need to thrive in volatility, embrace speed, be agile and inclusive in how they operate at all levels of the business.
The focus of business leaders needs to be on predicting and creating the future by taking risks, as well as executing the company strategy and achieving the goals that have been set and agreed with funders and shareholders to ensure that they capitalise on market opportunities. This will involve a lot of soul searching, gut instinct and ability to lead and corral your numerous stakeholders to believe in your vision. Amazon are the modern epitome of this, going from book seller to leading cloud computing provider in under 2 decades.
Far too often young businesses, and old for that matter, find that the biggest roadblock to delivering innovative software fast enough is that they cannot recruit into their already overburdened IT teams quickly enough. Nor can they afford to add head count when an idea or new market is only a prediction and a concept.
Synetec has a history of working with scaling businesses, and the VCs that fund them, in order to help them confront the unknown and move forward. Ultimately enabling them to accelerate product development by taking ownership of the creation of tailor made operational software allowing them to focus on their product and capitalise on the opportunity they have worked so hard to forge.
Synetec’s ‘disrupt to dominate’ Growth Transformation service is designed to assist business leaders to navigate the chaos in order to invent the future.